Form 1040EZ Instructions for Tax Season 2017

When preparing to file your taxes, you may be wondering if you can file a 1040EZ Form and how to do so. Here you can learn what is required in order to file this form and how to fill it out 1040EZ form line by line.

Form 1040EZ Filing Requirements

There are a few requirements to determine if you can file 1040EZ Form online. All of the following situations must apply to you in order to do so.

You must be filing your taxes as married and filing jointly or single.

You cannot claim a dependent.

Other stipulations include not claiming adjustments to your income and if you are claiming a tax credit, it must only be the earned income credit.

The couple (filing jointly) must be 65 or under and neither can be blind as of Dec. 31 of 2015.

Your taxable income must be under $100,000 and your income must come from salaries, wages, tips, taxable scholarship or fellowship grants, Alaska Permanent Fund dividends and/or unemployment compensation.

Your taxable interest must not be over $1,500 and earned tips must be included in boxes 5 and 7 of a form W-2.

Another stipulation for filing a 1040EZ does not owe any taxes for household employment wages that were paid to an employee in your household.

You must not be a debtor in any ch. 11 bankruptcy case that was filed after October 16, 2005.

Lastly, there is a stipulation for advanced payments of premium tax credits. If no-one paid them for you, your spouse, or another person enrolled in coverage that no-one is claiming as a personal exemption, you can file a 1040EZ.

If all of the above situations apply to you, you can file a 1040EZ tax form.

Line Instructions for Filling 1040EZ Form

Personal Instructions:

IRS 1040EZ tax form needs all the personal details name and address and Social Security Number. If you have changed your name because of a marriage or other circumstances, make sure to report your name change to the Social Security Administration before filing. Enter a P.O. box number only under the circumstance that the post office doesn’t deliver mail to your house. If you have a foreign address, put the city name on the appropriate line, then complete the spaces below that line. Make sure to include the correct SSN number, as using an incorrect number could reduce your refund, increase your tax, or delay your refund. If you are a nonresident or resident alien, you must apply for an ITIN (IRS individual taxpayer identification number).

The box for the Presidential Election Campaign fund is an optional donation. It reduces candidates’ dependence on contributions from groups and individuals. Basically, it gives candidates an equal footing in the general election. Checking the box will contribute $3 to this fund.

Sources of Income:

Next, you will enter your sources of earnings or income. The IRS 1040EZ form reports only taxable incomes such as salaries, wages and tips and unemployment compensation taxable interest that should not exceed $1,500 and Alaska permanent fund dividends. If filing a joint return, you’ll need to enter your spouse’s earnings, too and also need to enter all taxable interest income. This is in the interest that was received on amounts that were deposited with banks, loan associations, savings and credit unions.

Payments, Credits & Tax:

In this section need to calculate the total amount of 1040EZ taxable income that you owe and withheld. Earned Income Credit for certain people who work and it may give you a refund even if you do not have tax withheld or owe tax. Need to determine if you want the IRS to figure out your tax for you. If you check no, you’ll use the 1040EZ Tax Table to figure out your 1040 taxes. Here you can able to add health care coverage information.

Refund and Amount Due Calculations:

To complete the 1040EZ form, you’ll do some simple calculations to determine if you are getting a tax refund or if you will owe money. The 1040EZ form is then completed by signing your name and entering basic information, such as your occupation.

While doing taxes can be intimidating, completing a Form 1040EZ is relatively simple and can be done in a short amount of time. If you e-file, the process is even easier. After reading the all the 1040EZ requirements, if you qualify for the 1040 EZ tax form, head on over to our 1040EZ page when it comes time to file and it will be taken care of in no time.